Reasons Why Married Couples Might Want to File Separate Tax Returns

Reasons Why Married Couples Might Want to File Separate Tax Returns

Married couples frequently wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax bill. But something to keep in mind is that, if you and...
The Tax Aspects of Selling Mutual Fund Shares

The Tax Aspects of Selling Mutual Fund Shares

Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved...
Do You Want To Go Into Business For Yourself?

Do You Want To Go Into Business For Yourself?

Many of the people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that type of business entity. 1. You may qualify for the pass-through deduction. To the extent your business generates...
There Still Might Be Time to Cut Your Tax Bill with IRAs

There Still Might Be Time to Cut Your Tax Bill with IRAs

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like it to be, you may still have an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA up until the Wednesday, April 15,...
Numerous Tax Limits Affecting Businesses Have Increased for 2020

Numerous Tax Limits Affecting Businesses Have Increased for 2020

A variety of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social...